Victims of Gold Coast company Contrabart urged to contact Fair Trading, police if they’ve lost money or property

VICTIMS of Gold Coast trading company Contrabart want to know how the dodgy outfit is still operating despite leaving a swathe of victims out of pocket.

Barry Lipscombe

VICTIMS of Gold Coast trading company Contrabart want to know how the dodgy outfit is still operating, despite leaving a swathe of victims out of pocket.

The Department of Fair Trading has issued two enforcement actions to the company, which it has been investigating since the Bulletin revealed the extent of the scam in November, but say some of the claims should be investigated by police or the tax office.

Under various names, the Southport-based trade exchange has operated for more than 20 years, leaving a slew of creditors in its wake.

CONTRABART’S TROUBLED PAST

The complainants, some of whom have won court judgments against the Contrabart companies, say they traded their goods for Contrabart dollars which they were then unable to spend on goods they were promised.

The company was forced to remove fake Mont Blanc pen sets from their website after the Bulletin’s investigation — but the site continues to offer real estate, art and other goods for trade.

There is no real estate agent licence listed for the owners or the company itself in Queensland.

Dozens more people have contacted the Gold Coast Bulletin since November claiming to have lost hundreds of thousands of dollars between them after trading with the company.

They live across Australia and have receipts, statements and other documents which appear to back up their claims.

Not only is the company still trading, but it appears to have expanded, adding a share trading scheme to its list of services.

Mackay couple Elton and Janelle Byers are among those who say they’ve lost to the unscrupulous traders — they advertised their boat for $160,000 and were delighted when a Contrabart agent offered them 200,000 trade dollars for it.

They hoped to spend that $200,000 trade dollars on property — instead, three years later, they are stuck with $140,000 trade dollars they say are of no value to them.

“There’s absolutely nothing for us to buy,” Mr Byers said.

“I wish I’d never spoken to the bloke.”

An Office of Fair Trading spokesman urged anyone who believed they had been scammed by the company to contact them and to also contact local police.

“The OFT has previously investigated, and taken enforcement action against, Contrabart for trading as an unlicensed real estate agent,” he said.

“The OFT can and does take escalating degrees of enforcement action where a trader continues to breach fair trading legislation.

“The OFT encourages any consumers who’ve had unsatisfactory dealings with Contrabart to come forward, so the matter may be formally investigated.”

Mayor Tom Tate and developer Roberto Badalotti, the man behind a plan to build a massive high-rise at Southport, have been members of the trade exchange, whose owner and director Barry Lipscombe has faced court multiple times as creditors try to claw back their money.

Twice bankrupt accountant Bob Adcock, who once worked for con man Peter Foster, at one point was hired to work for Contrabart. Others in the web include jailed fraudster Darryl Loane and former bankrupt and disqualified director, Adrian Hodson.

Lodge a formal complaint on 137468, go to fairtrading.qld.gov.au, or call Police Link on 131444.